In Alexander Beard v HMRC [2022] TC08460, the First Tier Tribunal (FTT) found that distributions of share premium by a listed PLC incorporated in Jersey were subject to UK income tax as dividends and not capital gains tax.
SME Tax News
Following the most recent announcement by the Bank of England to raise the base rate from 0.75% to 1%, its highest level in 13 years, HMRC have also announced that the late payment interest rate will rise to 3.5% from 24 May 2022.
HM Treasury has published a policy paper 'Potential Reforms to UK’s Capital Allowance Regime – Inviting views'. Following the 2022 Spring Statement, which set out illustrations of the types of changes Government could make to the current capital allowances regime, this new publication invites interested parties to provide their views on such reform.
In Ivan Wroe & Ors v HMRC [2022] TC08474, the First Tier Tribunal (FTT) found that the Transactions in Securities (TiS) legislation applied to the redemption of preference shares issued on a reorganisation. Obtaining an Income Tax advantage was a main purpose of the reorganisation and repurchase.
Prince Charles has delivered the Queen's Speech in Parliament, setting out the government's legislative agenda for the coming year. The 38 proposed bills were primarily economic in nature. No new measures were announced on ending violence against women and girls.
In HMRC v Bashir Ahmed Jafari [2022] UT00119, the Upper Tribunal (UT) found the First Tier Tribunal (FTT) had wrongly interpreted the taxpayer's wish to withdraw his evidence. The UT remade the decision to reflect that the taxpayer had withdrawn his appeal in its’ entirety and upheld HMRC's assessments.
In A Taxpayer v HMRC [2022] TC08464, the First Tier Tribunal (FTT) held that caring for an alcoholic sister and her minor children were exceptional circumstances for the statutory residence test. The taxpayer remained non-UK resident despite spending too many days in the UK.
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We are looking closely at 'What's new for Property owners' this week with a special CPD update. We also have a new HMRC Trusts and Estate newsletter and some news of changes to the remittance basis.
HMRC have published statistics showing a 23% increase in tax and National Insurance receipts for the period to 31 March 2022 compared to the period to 31 March 2021.
In Caroline Sweby v HMRC [2022] TC08453, the First Tier Tribunal (FTT) refused HMRC’s attempt to extend time limits to serve their statement of case. HMRC had failed to follow the correct procedures and were time-barred from pursuing their appeal.